VLCC Sold for $26.5m

Friday, September 21, 2007
Chemoil sold its 225,000 dwt tanker, MT Anand Sea for $26.5m to Glory Town Investments Limited. Chemoil’s CFO, Jerome Lorenzo, said “In view of the earlier than scheduled commencement of our land based storage terminal, the fuel oil market being backwardated until the end of this year and the anticipated decline in the second hand tonnage market, we have considered it to be commercially prudent to dispose the floating storage facility given the attractive purchase offer.” The company currently leases 46,099 metric tons of land based storage capacity at Vopak in Singapore for fuel oil and blended products. The VLCC was originally acquired as a short-term measure to provide additional capacity until its terminal was completed. However, during Chemoil’s second quarter, the vessel experienced operational disruptions whilst stationed in Malaysian waters. The transaction through Chemoil’s wholly owned subsidiary, Anand Sea Shipping Limited, will result in a net gain for the Group’s current financial year with a corresponding increase in the net tangible assets. In the interests of upholding sound corporate governance, none of the directors or the controlling shareholder of Chemoil are related to Glory Town or have any personal interest in the disposal of MT Anand Sea. Jerome Lorenzo concluded: “The transaction has been a timely and profitable opportunity. We look forward to strengthening our performance in Singapore during the next quarter and increasing Chemoil’s long-term market growth within the region.”
Maritime Reporter October 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Panama Canal Reports Record Tonnage

The Panama Canal Authority (ACP) announced a new tonnage record, welcoming 340.8 million Panama Canal tons (PC/UMS) through the canal for the 2015 fiscal year – a 4.

Gas Carrier Concept Stems from Bulker Design

Deltamarin Ltd and Brevik Technology AS, a VARD affiliate, have joined forces to develop a novel multigas carrier design concept that combines the design of Deltamarin’s B.

Poland: First LNG Shipment due in Nov-Dec

Poland expects to receive its first cargo of liquefied natural gas at its new LNG terminal at the end of November or early December, the treasury minister was quoted as saying on Sunday.


Wilh. Wilhelmsen, Callenberg Win SHIPPINGInsight Award

Wilh. Wilhelmsen ASA and Callenberg Technology Group were presented the 2015 SHIPPINGInsight Award was today at the SHIPPINGInsight 2015 Fleet Optimization Conference & Exhibition in Stamford, Conn.

Salvage & Wreck Removal: Market Trends and the US Perspective

The global salvage business continues to be very dynamic with emerging trends and significant moves made by major salvors. While not as heavily affected by primary

New Boat Delivered to Tampa Bay Pilots

The Tampa Bay pilot association has taken delivery of its second Chesapeake Class launch and the first in a new generation of Gladding-Hearn Shipbuilding’s mid-size pilot boats,

Maritime Careers / Shipboard Positions Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1528 sec (7 req/sec)